(Abuja Nigeria) – The Central Bank of Nigeria (CBN), has approved operational licenses for three payment service banks.
The CBN said in a statement that:
The Central Bank of Nigeria (CBN) on August 27, 2020 revised the Guidelines for the Licensing and Regulation of Payment Service Banks in Nigeria first issued on October 26, 2018
The update and review of the Guidelines for Payment Service Banks was in response to market developments since 2018
Three (3) Payment Service Banks (PSB) have also been granted final approval to operate as PSBs following compliance with licensing requirements:
a. Hope PSB
b. Moneymaster PSB
c. 9 PSB
The licensing of the new PSBs will strengthen Nigeria’s financial inclusion drive leveraging mobile and digital channels.
The CBN is committed to the implementation of policies that will engender a diverse financial system that meets the needs of all stakeholders.
The CBN will continue to monitor developments in the sector and grant additional PSB licenses in due course.